Indonesia makes U-turn to replace palm oil export curbs with levy

JAKARTA: Indonesia will remove export volume restrictions on palm oil products and raise its export levy instead, its trade minister said on Thursday, in a surprise policy U-turn just a week after it shocked markets by further tightening its curbs.

The world's biggest exporter of the edible oil has required companies to sell 30% of their planned export volume of palm oil products, up from 20% imposed in January, under a so-called domestic market obligation (DMO) aimed at ensuring local supply amid soaring cooking oil prices.